IPR Real Estate: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
IPR Real Estate
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,904
2024 · €133,495-€78,591
Equity
€2.0m
2024 · €1.9m+€54,904
Cash
€229,249
2024 · €260,337-€31,088
Balance sheet total
€11.2m
2024 · €11.6m-€322,103
Largest movements
Assets
- Tangible fixed assets -€287,404
down €287,404 (-3.3%), from €8.7m to €8.4m
of which Land and buildings: -€275,352
Equity and liabilities
- Debts after one year -€367,299
down €367,299 (-8.1%), from €4.5m to €4.2m
- Other debts +€181,307
up €181,307 (+4.1%), from €4.5m to €4.7m
- Accrued charges and deferred income -€163,607
down €163,607 (-94.7%), from €172,830 to €9,224
Income statement
- Gross operating margin -€123,143
down €123,143 (-13.8%), from €889,374 to €766,231
- Taxes -€36,600
down €36,600 (-73.9%), from €49,509 to €12,909
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€133,495
Gross operating margin
-€123,143
Depreciation
+€2,762
Other operating charges
-€906
Financial income
-€2,604
Financial charges
+€8,701
Taxes
+€36,600
Result 2025
€54,904
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€400,141
Investment
-€73,977
Financing
-€357,251
Cash 2024
€260,337
From operations (derived)
+€400,141
Net result for the year
+€54,904
Depreciation
+€361,381
Receivables within one year
+€11,505
Deferred charges and accrued income
-€7,894
Trade debts
-€9,700
Tax, wage and social debts
-€27,756
Other debts
+€181,307
Accrued charges and deferred income
-€163,607
Investment (derived)
-€73,977
Investment in fixed assets (net)
-€73,977
Financing
-€357,251
Debts after one year
-€367,299
Current portion of long-term debt
+€10,048
Cash 2025
€229,249
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,552,931 | €11,230,828 | -€322,103 | -2.8% |
| Fixed assets | 21/28 | €11,115,849 | €10,828,444 | -€287,404 | -2.6% |
| Tangible fixed assets | 22/27 | €8,694,404 | €8,407,000 | -€287,404 | -3.3% |
| Land and buildings | 22 | €8,643,118 | €8,367,766 | -€275,352 | -3.2% |
| Plant, machinery and equipment | 23 | - | €7,837 | +€7,837 | |
| Furniture and vehicles | 24 | €43,323 | €29,794 | -€13,529 | -31.2% |
| Leasing and similar rights | 25 | €7,962 | €1,603 | -€6,359 | -79.9% |
| Financial fixed assets | 28 | €2,421,445 | €2,421,445 | = | 0.0% |
| Current assets | 29/58 | €437,082 | €402,383 | -€34,699 | -7.9% |
| Amounts receivable within one year | 40/41 | €176,160 | €164,655 | -€11,505 | -6.5% |
| Trade receivables | 40 | €159,806 | €136,905 | -€22,901 | -14.3% |
| Other amounts receivable | 41 | €16,354 | €27,750 | +€11,395 | +69.7% |
| Cash at bank and in hand | 54/58 | €260,337 | €229,249 | -€31,088 | -11.9% |
| Deferred charges and accrued income | 490/1 | €585 | €8,479 | +€7,894 | +1,349% |
| Total equity and liabilities | 10/49 | €11,552,931 | €11,230,828 | -€322,103 | -2.8% |
| Equity | 10/15 | €1,916,249 | €1,971,153 | +€54,904 | +2.9% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €416,249 | €471,153 | +€54,904 | +13.2% |
| Non-distributable reserves | 130/1 | €32,859 | €35,604 | +€2,745 | +8.4% |
| Legal reserve | 130 | €32,859 | €35,604 | +€2,745 | +8.4% |
| Distributable reserves | 133 | €383,390 | €435,549 | +€52,159 | +13.6% |
| Amounts payable | 17/49 | €9,636,682 | €9,259,674 | -€377,008 | -3.9% |
| Amounts payable after more than one year | 17 | €4,523,564 | €4,156,265 | -€367,299 | -8.1% |
| Financial debts | 170/4 | €4,523,564 | €4,156,265 | -€367,299 | -8.1% |
| Amounts payable within one year | 42/48 | €4,940,288 | €5,094,186 | +€153,898 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €357,251 | €367,299 | +€10,048 | +2.8% |
| Trade debts | 44 | €18,169 | €8,469 | -€9,700 | -53.4% |
| Suppliers | 440/4 | €18,169 | €8,469 | -€9,700 | -53.4% |
| Advances received on contracts in progress | 46 | €60,898 | €60,898 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €29,642 | €1,886 | -€27,756 | -93.6% |
| Taxes | 450/3 | €29,642 | €1,886 | -€27,756 | -93.6% |
| Other amounts payable | 47/48 | €4,474,328 | €4,655,635 | +€181,307 | +4.1% |
| Accrued charges and deferred income | 492/3 | €172,830 | €9,224 | -€163,607 | -94.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364,144 | €361,381 | -€2,762 | -0.8% |
| Other operating charges | 640/8 | €36,714 | €37,620 | +€906 | +2.5% |
| Gross operating margin | 9900 | €889,374 | €766,231 | -€123,143 | -13.8% |
| Operating profit (loss) | 9901 | €488,516 | €367,230 | -€121,287 | -24.8% |
| Financial income | 75/76B | €10,325 | €7,721 | -€2,604 | -25.2% |
| Recurring financial income | 75 | €10,325 | €7,721 | -€2,604 | -25.2% |
| Financial charges | 65/66B | €315,838 | €307,137 | -€8,701 | -2.8% |
| Recurring financial charges | 65 | €315,838 | €307,137 | -€8,701 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €183,004 | €67,813 | -€115,191 | -62.9% |
| Income taxes | 67/77 | €49,509 | €12,909 | -€36,600 | -73.9% |
| Profit (loss) for the period | 9904 | €133,495 | €54,904 | -€78,591 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €133,495 | €54,904 | -€78,591 | -58.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.